Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that channel adjustments are showing initial positive effects, with Q3 revenue of 29.04 billion yuan (down 6.7%) and a net profit attributable to shareholders of 3.34 billion yuan (up 8.5%) [1] - The revenue for the first three quarters is reported at 88.73 billion yuan (down 8.6%), while the net profit attributable to shareholders is 10.87 billion yuan (up 15.9%) [1] - The report indicates that the revenue meets expectations while profits exceed market forecasts [1] Revenue Analysis - The revenue performance by product in Q3 shows liquid milk down 10.3%, milk powder up 6.6%, and cold drinks down 16.6% [1] - After inventory digestion in Q2, the decline in liquid milk revenue has narrowed to 10.3% in Q3 from 19.6% in Q2, indicating a recovery in inventory [1] - The market share for milk powder continues to show an upward trend [1] Profitability Analysis - The gross margin in Q3 increased by 2.5 percentage points to 35.1%, attributed to lower raw milk costs and reduced discounts [1] - The report notes that selling, general, and administrative expenses have increased by 1.1 percentage points, while research and development and financial expense ratios have decreased [1] - The effective tax rate decreased by 2.2 percentage points to 11.3%, contributing to a net profit margin increase of 1.6 percentage points to 11.5% [1] Investment Recommendations - The report maintains a "Buy" recommendation, anticipating continued improvement in Q4 due to healthy inventory levels and preparations for the Spring Festival [1] - The company is expected to recover revenue growth in 2025, with long-term net profit margins remaining in an upward trend [1] - Revenue forecasts for 2024-2026 are adjusted to 117.4 billion, 123.0 billion, and 128.2 billion yuan respectively, with corresponding net profit forecasts of 12.0 billion, 11.0 billion, and 12.0 billion yuan [1][2]

Investment Rating - The report assigns a "BUY" rating for Yili Group (伊利股份) with a target price of 31 CNY [1]. Core Insights - The company reported a total revenue of 89.04 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders reached 10.87 billion CNY, an increase of 15.9% [1]. - The third quarter performance exceeded expectations, with revenue of 29.12 billion CNY, down 6.7% year-on-year, and a net profit of 3.34 billion CNY, up 8.5% year-on-year [1]. - The report highlights that the channel adjustments have concluded, and the low prices of raw milk have positively impacted profitability [5][6]. Summary by Sections Company Overview - Yili Group operates in the food and beverage industry, with a current stock price of 26.44 CNY as of October 30, 2024 [1]. - The company has a market capitalization of approximately 167.48 billion CNY and a price-to-book ratio of 2.99 [1]. Financial Performance - The revenue breakdown for Q3 shows liquid milk contributing 20.64 billion CNY (down 10.3% year-on-year), milk powder and dairy products at 6.82 billion CNY (up 6.6% year-on-year), and cold drinks at 1.02 billion CNY (down 16.7% year-on-year) [5]. - The gross margin for Q3 improved by 2.4 percentage points to 35%, attributed to low raw milk prices and improved product freshness following channel adjustments [5]. Profitability Forecast - The report slightly raises profit forecasts, expecting net profits of 12.22 billion CNY, 13.74 billion CNY, and 15.02 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.2%, 12.4%, and 9.4% [6][7]. - Earnings per share (EPS) are projected to be 1.92 CNY, 2.16 CNY, and 2.36 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 [6][7].

Investment Rating - The report maintains a "Recommended" rating for Yili Co., Ltd. (600887.SH) [1][7] Core Views - The company reported a total revenue of 89.039 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.59%, while the net profit attributable to shareholders increased by 15.87% to 10.868 billion yuan [2] - The gross margin improved to 34.81%, up 1.91 percentage points year-on-year, and the net margin reached 12.28%, an increase of 2.63 percentage points [3] - The liquid milk segment continues to face pressure, but the decline is narrowing, while the milk powder and dairy products segment shows growth, particularly in high-value categories like infant nutrition and cheese [3] Financial Performance - For Q1-Q3 2024, the company achieved revenues of 575.24 billion yuan from liquid milk, 213.30 billion yuan from milk powder and dairy products, and 83.44 billion yuan from cold drinks, with respective year-on-year changes of -12.09%, +7.09%, and -19.66% [3] - The company expects revenue to improve gradually as consumer demand recovers, with projected net profits of 11.472 billion yuan, 10.511 billion yuan, and 11.352 billion yuan for 2024, 2025, and 2026 respectively [7][10] - The report forecasts an EPS of 1.80 yuan for 2024, with a corresponding P/E ratio of 14.7 [7][10] Market Position and Strategy - The company is enhancing its multi-channel strategy to explore consumer opportunities, with direct sales channels experiencing a revenue decline of 18.47% and distribution channels down by 8.44% [3] - The company’s market capitalization is approximately 168.3 billion yuan, with a total share capital of 6.366 billion shares [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 36 CNY, compared to the current price of 26.44 CNY [4]. Core Views - The company has shown significant improvement in profitability, exceeding expectations due to effective adjustments in operations and cost management [1][2]. - The report anticipates a recovery in demand and stabilization of raw milk prices, which could lead to a positive trend in the company's operations [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 887.3 billion CNY, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 108.7 billion CNY, an increase of 15.9% [1]. - In Q3 2024, the company reported a revenue of 290.4 billion CNY, down 6.66% year-on-year, but the net profit increased by 8.5% to 33.37 billion CNY [1]. - The gross profit margin for Q3 2024 was 34.85%, an increase of 2.48 percentage points year-on-year, indicating improved cost efficiency [1]. Product Performance Summary - In Q3 2024, the liquid milk segment saw a revenue decline of 10.3%, while the milk powder segment experienced a growth of 6.6% [1]. - The company has effectively managed inventory levels, leading to a reduction in promotional expenses and an optimized product mix [1]. Future Outlook - The report suggests that the company is likely to benefit from a recovery in demand as inventory levels normalize and the market prepares for the upcoming peak season [2]. - The forecast for EPS has been adjusted upwards to 1.88 CNY for 2024, reflecting confidence in the company's recovery trajectory [2][3].

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-104 内蒙古伊利实业集团股份有限公司 关于 2024 年第三季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十四号——食 品制造（2022 年修订）》的相关规定，现将内蒙古伊利实业集团股份有 限公司 2024 年第三季度主要经营数据（未经审计）公告如下： 一、主营业务经营情况 （一）主营业务收入按产品类别分类情况 （二）主营业务收入按销售模式分类情况 单位：元 币种：人民币 | | 销售模式 | 2024 年 7-9 月 | 2024 | 年 1-9 | 月 | | --- | --- | --- | --- | --- | --- | | 经销 | | 27,899,312,063.52 | | 85,352,826,280.15 | | | 直营 | | 764,666,247.76 | | 2,435,920,212.44 | | | | 合计 | 28,663,978,311.28 | ...

内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届董事会 第五次会议于 2024 年 10 月 29 日（星期二）以通讯方式召开。本次会议 通知于 2024 年 10 月 19 日以邮件方式发出，会议应当出席的董事十一名， 实际出席会议的董事十一名。会议符合《公司法》《公司章程》的有关规 定，合法有效。 二、董事会会议审议情况 证券代码：600887 证券简称：伊利股份 公告编号：临 2024-101 内蒙古伊利实业集团股份有限公司 第十一届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （二）审议并通过了《公司关于计提资产减值准备的议案》，（具体 内容详见上海证券交易所网站 www.sse.com.cn）。 本议案已经董事会审计委员会审议通过，并同意提交董事会审议。 表决结果：同意11票，反对0票，弃权0票。 特此公告 内蒙古伊利实业集团股份有限公司 董 事 会 二○二四年十月三十一日 会议审议并通过了以下议案，形成如下决议： （一）审议并通过了《公司 2024 年第三季 ...

Financial Performance - Revenue for the quarter was RMB 29.04 billion, a decrease of 6.66% year-over-year[3] - Net profit attributable to shareholders was RMB 3.34 billion, an increase of 8.53% year-over-year[3] - Basic earnings per share (EPS) for the quarter was RMB 0.52, an increase of 6.12% year-over-year[3] - Diluted earnings per share (EPS) for the quarter was RMB 0.52, an increase of 8.33% year-over-year[3] - Weighted average return on equity (ROE) for the quarter was 6.12%, an increase of 0.04 percentage points year-over-year[3] - The company's total revenue for the first nine months of the year was RMB 88.73 billion, a decrease of 8.61% year-over-year[3] - Total operating revenue for the first three quarters of 2024 was RMB 89.04 billion, a decrease of 8.6% compared to RMB 97.40 billion in the same period of 2023[10] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was RMB 10.87 billion, an increase of 15.9% compared to RMB 9.38 billion in the same period of 2023[11] - Basic earnings per share for the first three quarters of 2024 were RMB 1.71, up from RMB 1.47 in the same period of 2023[11] - Total comprehensive income for the first three quarters of 2024 was RMB 10.80 billion, an increase of 24.2% compared to RMB 8.70 billion in the same period of 2023[11] - Revenue for the first three quarters of 2024 reached 79.39 billion yuan, compared to 87.27 billion yuan in the same period of 2023[18] - Net profit for the first three quarters of 2024 was 10.75 billion yuan, up from 7.93 billion yuan in the same period of 2023[18] Cash Flow and Liquidity - Cash flow from operating activities for the first nine months of the year was RMB 13.87 billion, an increase of 18.46% year-over-year[3] - Operating cash flow for the first three quarters of 2024 was RMB 13.87 billion, an increase of 18.5% compared to RMB 11.71 billion in the same period of 2023[13] - Cash received from sales of goods and services for the first three quarters of 2024 was RMB 94.74 billion, a decrease of 6.9% compared to RMB 101.74 billion in the same period of 2023[13] - Total cash inflows from operating activities for the first three quarters of 2024 were RMB 98.74 billion, a decrease of 7.0% compared to RMB 106.20 billion in the same period of 2023[13] - Total cash outflows from operating activities for the first three quarters of 2024 were RMB 84.87 billion, a decrease of 10.2% compared to RMB 94.49 billion in the same period of 2023[13] - Investment activities generated a net cash outflow of RMB 5.08 billion, compared to RMB 12.55 billion in the same period last year[14] - Financing activities resulted in a net cash outflow of RMB 5.35 billion, compared to a net cash inflow of RMB 13.08 billion in the same period last year[14] - The company's cash and cash equivalents increased by RMB 3.43 billion, reaching RMB 46.24 billion at the end of the period[14] - Operating cash flow for the first three quarters of 2024 was 5.6 billion yuan, down from 8.98 billion yuan in the same period of 2023[19] - Investment cash flow for the first three quarters of 2024 was 1.61 billion yuan, compared to -7.4 billion yuan in the same period of 2023[19] - Financing cash flow for the first three quarters of 2024 was -9.56 billion yuan, compared to 13.27 billion yuan in the same period of 2023[19] - Cash and cash equivalents at the end of the third quarter of 2024 were 21.17 billion yuan, down from 32.13 billion yuan at the end of the same period in 2023[19] Balance Sheet and Assets - Total assets at the end of the reporting period were RMB 150.62 billion, a slight decrease of 0.66% compared to the end of the previous year[3] - Equity attributable to shareholders increased by 5.02% to RMB 56.23 billion compared to the end of the previous year[3] - Total assets decreased to 150.615 billion CNY from 151.620 billion CNY compared to the end of 2023[8] - Cash and cash equivalents increased to 50.114 billion CNY from 43.372 billion CNY compared to the end of 2023[8] - Inventory decreased to 10.201 billion CNY from 12.512 billion CNY compared to the end of 2023[8] - Accounts receivable decreased to 2.959 billion CNY from 3.085 billion CNY compared to the end of 2023[8] - Fixed assets remained stable at 35.255 billion CNY compared to the end of 2023[8] - Total assets increased to RMB 118.78 billion, up from RMB 117.51 billion at the end of the previous year[15] - Long-term equity investments increased to RMB 54.33 billion, up from RMB 50.77 billion at the end of the previous year[15] - Accounts receivable increased to RMB 1.74 billion, up from RMB 1.62 billion at the end of the previous year[15] - Inventory increased to RMB 3.51 billion, up from RMB 3.27 billion at the end of the previous year[15] Liabilities and Equity - Total liabilities decreased to 90.657 billion CNY from 94.300 billion CNY compared to the end of 2023[9] - Short-term borrowings increased to 47.357 billion CNY from 39.755 billion CNY compared to the end of 2023[9] - Total equity increased to 59.958 billion CNY from 57.320 billion CNY compared to the end of 2023[9] - Long-term borrowings decreased to 5.977 billion CNY from 11.705 billion CNY compared to the end of 2023[9] - Retained earnings increased to 34.644 billion CNY from 31.415 billion CNY compared to the end of 2023[9] - Total liabilities decreased to RMB 72.66 billion, down from RMB 74.05 billion at the end of the previous year[16] - Short-term borrowings increased significantly to RMB 11.61 billion, up from RMB 6.11 billion at the end of the previous year[16] - The company's total equity increased to RMB 46.12 billion, up from RMB 43.46 billion at the end of the previous year[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 520,757[5] - Hong Kong Securities Clearing Company Limited holds 692,371,652 shares, accounting for 10.88% of the total shares[5] - Hohhot Investment Co., Ltd., a state-owned legal entity, holds 538,535,826 shares, representing 8.46% of the total shares[5] - Pan Gang, an individual domestic shareholder, holds 286,746,628 shares, making up 4.50% of the total shares[5] - China Securities Finance Corporation holds 182,421,475 shares, accounting for 2.87% of the total shares[5] - The Industrial and Commercial Bank of China - SSE 50 ETF holds 128,392,996 shares, representing 2.02% of the total shares[5] - The Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF holds 121,343,023 shares, making up 1.91% of the total shares[5] - Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. - Honghu Zhiyuan (Shanghai) Private Investment Fund Co., Ltd. holds 119,376,630 shares, accounting for 1.88% of the total shares[5] - China Life Insurance Company Limited - Traditional - General Insurance Product - 005L - CT001 Hu holds 119,090,816 shares, representing 1.87% of the total shares[5] - Zhao Chengxia, an individual domestic shareholder, holds 92,420,140 shares, making up 1.45% of the total shares[5] Expenses and Investments - Non-recurring gains and losses for the quarter amounted to RMB 152.94 million, primarily driven by government subsidies and asset disposal gains[4] - Sales expenses for the first three quarters of 2024 were RMB 17.15 billion, a slight decrease of 0.3% compared to RMB 17.20 billion in the same period of 2023[10] - R&D expenses for the first three quarters of 2024 were RMB 556.31 million, a slight increase of 0.7% compared to RMB 552.32 million in the same period of 2023[10] - Sales expenses for the first three quarters of 2024 were 14.76 billion yuan, slightly down from 14.82 billion yuan in the same period of 2023[18] - R&D expenses for the first three quarters of 2024 were 481.43 million yuan, up from 457.58 million yuan in the same period of 2023[18] - Investment income for the first three quarters of 2024 was 5.89 billion yuan, up from 3.03 billion yuan in the same period of 2023[18]

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-102 内蒙古伊利实业集团股份有限公司 第十一届监事会第五次会议决议公告 会议审议并通过了以下议案，形成如下决议： （一）审议并通过了《公司 2024 年第三季度报告》（具体内容详见 上海证券交易所网站 www.sse.com.cn）； 公司监事会认为：公司 2024 年第三季度报告的内容与格式符合上海 证券交易所的有关规定，所披露的信息真实、准确、完整地反映了公司 报告期内的财务状况和经营成果。公司 2024 年第三季度报告的编制和审 议程序符合法律法规和《公司章程》的相关规定，公司监事会未发现参 与此次三季报编制和审议的人员有违反保密规定的行为。 表决结果：同意5票，反对0票，弃权0票。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届监事会 第五次会议于 2024 年 10 月 29 日（星期二）以通讯方式召开。本次会议 通知于 2024 年 10 月 19 日以邮件方式发出， ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-103 内蒙古伊利实业集团股份有限公司 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊利实业集团股份有限公司（简称"公司"）于2024年10月 29 日召开第十一届董事会第五次会议及第十一届监事会第五次会议，审 议通过了《公司关于计提资产减值准备的议案》。现对相关事项公告如下： 一、计提资产减值准备情况概述 为了客观、公允地反映公司 2024 年前三季度的财务状况及经营成果， 基于谨慎性原则，根据《企业会计准则》及公司会计政策的相关规定， 对相关资产进行减值测试并计提相应的资产减值准备。2024 年前三季度， 公司共计提资产减值准备 105,614.72 万元（未经审计），具体如下： 1 币种：人民币 单位：万元 项目 金额 信用减值损失 36,995.92 其中：应收账款减值损失 436.35 其他应收款减值损失 20.71 小额贷款减值损失 4,896.33 应收保理风险减值损失 31,656.23 应收代位追偿款减值 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company has established itself as a leading player in the dairy industry, with a comprehensive development strategy and a strong management team that has made sound decisions over the years [2][3]. - The dairy market in China is entering a mature phase, with opportunities for growth in high-end products and a focus on premiumization [2][3]. - The company is well-positioned to capitalize on the growing demand for dairy products, particularly in liquid milk and infant formula segments, where it holds leading market shares [2][3]. Summary by Sections Company Overview - The company has over 60 years of history, evolving from a single ice cream producer to a comprehensive dairy enterprise with a full range of dairy products [2][3]. - It has maintained a strong market position, with leading shares in liquid milk, infant formula, adult milk powder, and ice cream segments [2][3]. Industry Development - The overall dairy industry in China is maturing, with a trend towards domestic production and premiumization of products [2][3]. - The liquid milk consumption is stabilizing, but there remains growth potential driven by rising consumer purchasing power and market penetration in lower-tier cities [2][3]. Competitive Advantages - The company controls its milk supply chain and has a robust distribution network, which helps mitigate cost fluctuations and enhances market penetration [3]. - It has successfully developed high-profile products like the "安慕希" yogurt and "金典" organic milk, which have gained significant brand recognition [3]. Financial Performance - The company has shown steady revenue growth, with projections indicating revenues of 1215.9 billion, 1268.5 billion, and 1310.5 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 3.6%, 4.3%, and 3.3% [3][4]. - The net profit is expected to reach 118.6 billion, 112.6 billion, and 120.6 billion yuan for the same years, with growth rates of 13.7%, -5.0%, and 7.1% respectively [3][4].